India has experienced a trade deficit with most of its top trading partners in the fiscal year 2023-24. Official data reveals significant trends in trade imbalances with key countries.
China
- Trade Deficit: $85 billion in 2023-24
- Previous Deficit: $83.2 billion in 2022-23
- Increase in Deficit: Yes
- China’s Emergence as Top Trading Partner: Yes, with $118.4 billion in two-way commerce.
Russia
- Trade Deficit: $57.2 billion in 2023-24
- Previous Deficit: $43 billion in 2022-23
- Increase in Deficit: Yes
Korea
- Trade Deficit: $14.71 billion in 2023-24
- Previous Deficit: $14.57 billion in 2022-23
- Increase in Deficit: Yes
Hong Kong
- Trade Deficit: $12.2 billion in 2023-24
- Previous Deficit: $8.38 billion in 2022-23
- Increase in Deficit: Yes
UAE, Saudi Arabia, Indonesia, Iraq
- Trade Deficit: Reduced in the last fiscal year.
US
- Trade Surplus: $36.74 billion in 2023-24
- India’s Largest Trading Partner: China overtakes the US with $118.4 billion in two-way commerce.
Multiple Choice Questions (MCQs):
- What was India’s trade deficit with China in 2023-24?
- A) $83.2 billion
- B) $85 billion
- C) $57.2 billion
- D) $14.71 billion
- Answer: B) $85 billion
- Which country emerged as India’s largest trading partner in 2023-24?
- A) Russia
- B) United States
- C) China
- D) Saudi Arabia
- Answer: C) China
- Which country among the following showed a decrease in trade deficit with India in 2023-24?
- A) Korea
- B) Hong Kong
- C) Russia
- D) UAE
- Answer: D) UAE
- What was India’s trade surplus with the US in 2023-24?
- A) $36.74 billion
- B) $83.2 billion
- C) $57.2 billion
- D) $118.4 billion
- Answer: A) $36.74 billion
- According to the Global Trade Research Initiative (GTRI), what is a major concern regarding trade deficits?
- A) Reduced foreign investment
- B) Currency appreciation
- C) Economic instability
- D) Boosting exports
- Answer: C) Economic instability